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In an email sent to Canadian users on September 30, Gemini announced that all accounts would be shut down by December 31, 2024.
Customers have 90 days to withdraw their funds before their accounts are closed. Let’s discover more about Gemini.
Canadian Users Have Until December 31 to Withdraw Funds
“Effective December 31, 2024, Gemini will close all customer accounts in Canada with limited exceptions. As a result, we will be closing your Gemini account,” the company stated. This move comes after Canada introduced new rules for crypto exchanges earlier this year.
On February 22, the Canadian Securities Administrators (CSA) released guidelines requiring all crypto platforms to sign a legal agreement called a pre-registration undertaking (PRU). This agreement is necessary for exchanges to continue operating in Canada. Many of these rules aim to protect investors by setting clear regulations for crypto platforms.
LATEST: Crypto exchange Gemini to close all customer accounts in Canada
In a Sept. 30 email sent out to Canadian users, Gemini said it would close all accounts in Canada by Dec. 31. pic.twitter.com/79ahSo75VY
— Cointelegraph (@Cointelegraph) October 1, 2024
One of the most significant restrictions is that exchanges cannot allow Canadian clients to buy or deposit stablecoins without approval from the CSA. Stablecoins are digital currencies typically tied to a real-world asset’s value, like the US dollar. These restrictions have made it harder for crypto companies to operate in Canada.
More About Gemini’s Decision
Gemini is just the latest exchange to pull the plug on its Canadian operations. Other exchanges have also left the country or adjusted their services in response to the new rules. Gemini didn’t go into great detail about why it’s closing accounts, but the timing makes it clear that the new regulations are playing a big role.
BREAKING: Gemini crypto exchange is officially CLOSING in Canada!
Forcing us to close our accounts and withdraw funds!
Absolute trash! pic.twitter.com/RXuRlh6gYa
— MASON VERSLUIS (@MasonVersluis) September 30, 2024
For Canadian crypto users, this news may feel like the rug is being pulled out from under them. Many may have to scramble to withdraw their funds and find a new platform to use. However, they still have time to act before the December deadline. The 90-day window gives customers enough time to make their withdrawals and look for alternatives.
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Nermeen Nabil Khear